Currencies
Japan’s New FX Chief Says Weak Yen Doing More Harm Than Good for Economy
- Atsushi Mimura takes up Japan’s top FX position on Wednesday
- Says intervention a necessary measure to counter speculation
The BOJ will announce a plan to reduce its bond purchases at Wednesday’s meeting.
Photographer: Soichiro Koriyama/BloombergThis article is for subscribers only.
Recent yen weakness has done more harm than good for the Japanese economy, according to Japan’s newly appointed top foreign exchange official, who cited intervention among the measures available to counter speculation that weighs excessively on the currency.
“While the recent depreciation of the yen has both advantages and disadvantages, the demerits are becoming more noticeable,” said Atsushi Mimura, vice finance minister for international affairs in a Bloomberg interview Monday. He flagged the impact of rising energy and food prices on consumers and importers among the drawbacks of the feeble yen.